Hirny heads for IPO
Residential real estate developer Hirny BD has unveiled its plans to hold an IPO in July. The company submitted an issue prospectus with the Polish Financial Supervision Authority on April 21 and hopes to raise around zł.120 million from the stock exchange for future investments.
"The purpose of the IPO is to gather funds to increase the scale of Hirny BD's operations. Fast growth, high profitability and high return on own capital should present value for the investors," said Piotr Hirny, the CEO of Hirny BD.
The company operates in the popular-apartment sector. Hirny BD has developed most of its projects in Warsaw and its suburbs. It has so far completed seven residential developments and is currently working on six more.
One of the company's current projects is Pasaý przy Parku, located in the Warsaw suburb of Pruszków. The five-storey building will feature 103 apartments sized from 45 to 108 sqm. It is expected to be completed in June 2009
Hirny BD is also developing a residential complex in Łód. Called Apartamenty Karolewska 27, the complex will consist of four six-storey buildings featuring 236 apartments. Its first phase is scheduled to be completed this December. The last phase should be finished in December 2009.
The company is also involved in the construction of a complex of 13 semi-detached houses called Villa Modra in Szczecin.
After the IPO, the company plans to enter other large cities in Poland.
Hirny BD is currently conducting investment projects of an estimated value of zł.200 million. The company's own capital rose from an initial zł.0.7 million to zł.29 million today.
